CANNABIS BANKING GUIDE | NEW YORK
Build a Compliant Cannabis Banking Program in New York
The Empire State is positioned to be a leading cannabis market, with legalized adult-use cannabis introduced in 2021. According to New Frontier Data, annual legal sales in the state have the potential to grow to $4.2 billion by 2027.
What every banker in New York should know about cannabis banking.
Cannabis banking brings significant growth potential, along with challenging operational demands and complex regulations. According to Headset data, the New York market has seen more than 134% year over year growth. It's time to define your financial institution's path forward.
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Build a business case for cannabis banking.
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Understand the risks.
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Develop strategies to mitigate risk.
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Implement systems to promote compliance and client service.
NEED TO KNOW
Projected Market Growth in New York State
Source: New Frontier Data
3 Questions with Minnesota Cannabis Regulator, Max Zappia
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ASK THE EXPERT
Boost your balance sheet with cannabis banking in New York.
Given the complexities of this line of business, financial institutions must understand the economics of cannabis banking and tailor their products and services to meet the evolving needs of their customers. By establishing policies and procedures, implementing an effective technology platform, creating a scalable pricing structure and developing expertise and relationships now, bankers can gain competitive advantage.
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Conduct a guided review of your institution's risk tolerance.
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Develop a risk assessment tailored to the needs of your institution.
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Define and document the policy considerations of your banking program.
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Educate your stakeholders, including meetings with regulators.
GET STARTED
SHEDULE A CONSULTATION
Get expert guidance to build your cannabis banking program in New York. Schedule a no-obligation consultation with Shield Compliance today.
The Shield Compliance team can help you unlock the benefits of serving this industry. Contact us to learn how to design a cannabis banking program that meets your financial institution's needs for effective management and operations.
"Partnering with experts who can assist with implementing compliance technologies, risk management policies, and operational processes required for banking this industry will help financial institutions create the foundation for an effective program and ultimately gain the financial rewards of cannabis banking."
Tony Repanich, President & CEO
Shield Compliance
LOCAL HEADLINES
Track and trace now coming to New York’s $1.5 billion cannabis market in December
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
LEGISLATION
Following years of hiccups and false starts, seed-to-sale tracking is coming to New York’s $1.5 billion cannabis market in December.
New York State cannabis sales surpass $2 billion
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
BUSINESS
The New York State Cannabis Industry has reached a major milestone.
Last month, total cannabis retail sales throughout the state surpassed $2 billion to date.
The largest part of these retail sales is flower, followed by vapor pens, pre-rolled products and edibles.
New York cannabis board approves 52 new licenses, pushes total to 1,851
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
BUSINESS
The New York State Cannabis Control Board (CCB) approved 52 new adult-use licenses at its monthly public meeting, bringing the total number of licenses across the state to 1,851.
New York Budget Includes $15M Fee for Medical Cannabis Companies Seeking Adult-Use Licenses
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
LEGISLATION
Under a budget proposal from New York Gov. Kathy Hochul (D), medical cannabis operators would have to pay a $15 million licensing fee to participate in the adult-use market.
WHITE PAPER
Get the Cannabis Banking Playbook
The Cannabis Banking Playbook defines a path forward for financial institutions to serve cannabis-related businesses compliantly while gaining the financial rewards of the legal cannabis market. Sign up to download your copy.